Hayden Otto, a native of Australia and one that comes under the CoinSpice, released a recent video of himself making his way across the North Queensland economy of Australia. This was accomplished without the use of fiat currency. In the video, the whole set of activities such as dining, traveling, drinking, and dining was done by using just Bitcoin Cash. One of the occasions depicts him paying about AUD 4,000 for a ride in a helicopter out of a region and follows with a motorcycle ride.
While it is reported that many of the retailers are accepting cryptocurrencies, Otto tries to say that Bitcoin has a large community of supporters across the region.
Cheaper Than Fiat or Bitcoin
According to the report, the transaction fee on Bitcoin is comparatively much smaller than the remaining currencies. As far as the people who held this currency before the fork are concerned, it might be free money. Bitcoin Cash is convenient to use, and most of the merchants have also accepted this.
Bitcoin community looks at solutions like Lightning Network. This could cause another generation of delays in adoption for merchants. Bitcoin could be used on-chain and directly. When compared to the other cryptos, the fees could get high and unpredictable at times. It makes up for these difficulties in the long term usability.
While the Bitcoin community lauds second-layer solutions such as Lightning Network, which will arguably create another generation of adoption delays among merchants, Bitcoin Cash users just get down to business. Not to get off subject, but it is still possible to use Bitcoin directly on-chain. It’s just that fees are both unpredictable and occasionally very high. By comparison to other cryptos, that is. What Bitcoin lacks as a usable currency, it makes up for as a store of long-term value.
A Homogenous Crypto Ecosystem Unlikely
Lightning Network adoption will be delayed as long as the Bitcoin adoption. Note that 14,000 local businesses across the world accept Bitcoin Core.
A majority of these are also likely to adopt Bitcoin Cash too. This is because of the similar infrastructure involved. As per the reports of the AcceptBitcoin.cash, only 960 among the 2000 retailers that are tracked by them accept the Bitcoin Cash.
Bitcoin Cash Community Strive To Progress
Meanwhile, this initiative should be viewed as an example of the efforts of Bitcoin Cash community to make progress. It strives to become a strong foundation that proves as an alternative to Bitcoin. However, note that there has been not much sympathy for the price of Bitcoin Cash.
Merchant adoption is hitting the headlines again. Starbucks has triggered an initiative led by Bakkt to enable crypto-enabled payment options for merchants.